Below are examples of
Groppe, Long & Littell's past performance, highlighting some of those of which we are most proud
— those that set us apart from other forecasters. Our clients come to us because we provide forecasting insight that cannot be
found elsewhere.

October
2011

The
spot price of West Texas Intermediate crude fell to a
discount of $25 per barrel below the price for Brent
crude.

________________________________What everyone else said:A “surplus” of crude will keep the discount wide
($10-20 per barrel) for most of the decade.What GL&L said:
New pipeline capacity will be added over the next two to
three years that will result in a significant narrowing
of the differential.What
happened:The
price discount at the end of first quarter 2014 narrowed
to $5 per barrel.

September
2009

The
number of horizontal gas rigs targeting US gas shales
surpassed all other gas-directed drilling.

________________________________What everyone else said:New technology will allow producers to economically
unlock vast shale resources.What GL&L said:
The shale resource is large but for production to be
economical the pace of development must be moderate.What
happened:Rather
than a rational approach, rapid development of gas
shales drove the price for natural gas at Henry Hub
below $4 per MMBTU rendering significant amounts of
shale drilling uneconomical.

December 2008

After reaching an average of $140 in June, the spot price for West Texas Intermediate crude had fallen to $53.50 per barrel.

________________________________What everyone else said:Oil prices will remain depressed throughout 2009.What GL&L said:
OPEC blundered again as it did in 2007 by cutting oil production too much and, more than likely, for too long. The price trend will change
direction in early 2009.What
happened:
The January average price of $41.68 marked the bottom of the cycle and oil rose steadily, exceeding $66 in May.

May 2008

Over the previous twelve months, oil prices had more than doubled to almost $150 per barrel.

________________________________What everyone else said:Oil prices were widely forecast to reach $200 per barrel.What GL&L said:
The OPEC production cuts during 2007 were a blunder that would be corrected in the second half of 2008, thus returning oil
prices to $60 to $70 per barrel.What
happened:The spot price for West Texas Intermediate crude
fell below $70 during the third week of October 2008 then fell to the $50 range toward year end.

April 2004

Wellhead gas prices in the United States were above $5 per Mcf and climbing.

________________________________What everyone else said:Numerous projects were proposed for importing liquefied natural gas (LNG) into the United States.What GL&L said:
The “second coming” of LNG would have the same result as the attempts in the 1980s for the same reason – declining demand for natural gas.What
happened:Natural gas consumption declined by 1.7% in 2005 and again by 1.6% in 2006.

March 2003

West Texas Intermediate was ranging between $27 and $38 per barrel.

________________________________What everyone else said:
The anticipated invasion of Iraq would be brief and one result would be lower oil prices. What GL&L said:The invasion would lead to a protracted guerrilla war and oil prices above $50 per barrel.What happened: Prices began rising, initially exceeding $50 per barrel in October 2004.

March 2001

Oil production in Mexico averaged 3.39 million barrels per day

________________________________What everyone else said:
Production in Mexico could be sustained indefinitely.What
GL&L said: A peak in Mexican production is imminent, perhaps in 2003.

What
happened: Mexican oil production began falling after reaching 3.62 million barrels per day in 2004.

June 1999

Gas production in the Lower 48 states was 19.78 Tcf

________________________________What everyone else said:
The National Petroleum Council, in its 1999 report to the Department of Energy, stated that “US production is projected to increase from 19 Tcf in 1998 to 25 Tcf in 2010, and could approach 27 Tcf
in 2015.” What GL&L said: A peak in Lower 48 state gas production is imminent.What
happened:
Gas production in the Lower 48 states peaked in 2001 at 20.84 Tcf and began its irreversible decline.

April
1999

OPEC met in March, 1999 and reduced quotas to 25.5 mmbd.

________________________________What everyone else said:
The third round of production cuts might get prices back
up to $18 to $20 per barrel by year-end.
What GL&L said: Because the OPEC ministers
were confused about the numbers - including belief in
missing barrels - they made a radical adjustment.
If the new agreement holds past the meeting on September
22, the price of WTI can be expected to reach $30 per
barrel by the end of 1999.What
happened:
WTI was $30.12 per barrel at the end of February, 2000.

October
1998

Low
prices had the industry in a panic.

________________________________What everyone else said:
Oil prices will remain depressed for a long time. What
GL&L said:
All the fundamentals were in place for a big jump in oil
prices within the next six months.What
happened: Oil
prices began a dramatic recovery to more than $30 per
barrel after the OPEC meeting in March, 1999.

August
1998

OPEC
met in June, 1998 and reduced quotas to 26.5 mmbd. Prices
continued to decline in the second half of 1998.

________________________________What everyone else said:
The production cuts are real and prices will
recover to $18 to $20 per barrel.What GL&L said: The real cuts in production
are minimal. Prices will continue to decline.What
happened:
At the end of February, 1999 WTI was $12.27 per barrel.

January
1998

OPEC
met in Jakarta, Indonesia in November, 1997 and raised
quotas from 25.0 mmbd to 27.5 mmbd. This was seen as a
non-event.

________________________________What everyone else said:
Increasing quotas will have little effect because OPEC
production of crude oil was already more than 27 mmbd
during 1997.What
GL&L said:
OPEC production of crude oil in 1997 was only 26 mmbd.
The new quotas will drive WTI down to $17 per barrel.What happened: At the
end of October, 1997 WTI was $21.10 per barrel. At the
end of March, 1998 it was $15.72 per barrel.

April
1996

Enthusiasm
for spending was increasing among E&P
companies. As 1996 began, the price of West Texas Intermediate
(WTI) was $19.54 per barrel. By the end of 1996 it was
$25.76.

________________________________What everyone else said:
They said nothing. They didnt warn anyone about the
potential relief from Iraq.What
GL&L said: Iraq
will get relief from the embargo following the November
U.S. elections because it can prevent a large increase
in prices for crude oil.

What
happened: Iraq began exporting under the
oil for food program in December, 1996.
For practical purposes, the oil embargo ended in June,
1998.

June
1993

In
a statement related to the National Petroleum Council,
the Department of Energy (DOE) wanted to develop public
and private sector confidence that natural gas can make
a greater contribution to the energy security and environmental
enhancement of our nation.

________________________________What everyone else said:In their 1992 report on The Potential For Natural
Gas in the United States, the National Petroleum Council
said that natural gas will be produced and delivered in
volumes sufficient to meet expanding market needs at competitive
prices -25 Tcf of consumption in 2010.

What
GL&L said:
The National Petroleum Council report was badly flawed.
The long-term outlook is for declines in production and
consumption and prices of $4.00 to $5.00 per MMBTU.What
happened:
In early 2000, production of natural gas declined and
prices were consistently more than $4.00 per MMBTU.

February
1986

The
gas bubble - an excess of deliverability over
market demand - resulted in lower prices and massive problems
with take-or-pay contracts.

________________________________What everyone else said:
The gas bubble will end in 12 to 18 months. What GL&L said:The gas bubble will
persist until 1993.What happened: Market demand finally matched
deliverability in late 1992. The average wellhead price
was $1.93 per MMBTU in 1993 versus $1.35 per MMBTU in
1991.

October
1980

Arab
Light had risen from $12.70 per barrel in 1978 to more
than $30 a barrel.

________________________________What everyone else said:Oil prices will continue to increase, perhaps to as
much as $100 per barrel.What GL&L said:
Oil will be selling for $15 per barrel by 1985, half of
its 1980 price.What
happened:Prices
began falling after the October, 1985 OPEC meeting. In
1986 the average price for Arab Light was at $14.04 per
barrel.